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Understanding Different Types of Real Estate Value

Value, Value!

Having problems understanding different types of value? Here’s some examples that may help. Subjective Value: Subjective values are influenced by personal opinion; e.g., what a person is willing to pay another for a house based on his or her own feelings, tastes and opinions. Beauty (and value) are in the eyes of the beholder. A buyer may […]

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New Land Transfer Tax Rates for Exam Calculations

Land Transfer Tax - Important Updates

Passit course materials are continuously updated to reflect OREA’s most current course materials. This winter we’ve been busy with many changes across all guides, but one of the most important involves recent updates to land transfer tax (LTT) rates in Ontario (this impacts both Real Property Law and Real Estate as a Professional Career). Here’s […]

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Calculating Debt Service Ratios (GDS and TDS)

Debt Service Ratios: Study Tip

Don’t get tripped up on debt service ratio calculations: Watch for different payments. One multiple choice question may focus on principal and interest (PI), while another asks about principal, interest and taxes (PIT). In yet another, it may be a condominium with a portion of heating costs included (PITH). Be careful with time periods. MCQs can contain […]

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Office Professionals Discussing Document

Mistakes vs. Misrepresentations

Students in The Real Estate Transaction General initially face a long, somewhat complex first chapter on contract law. A problem area for some involves mistakes vs. misrepresentations. A mistake (three types) is really just an accidental error: Common: Buyer and seller both believe something is true, but it’s not. Example: I believe that I own a lot (which […]

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Excited Passit Woman in Park with Laptop

Study Guide for Principles of Property Management Available Now

The Passit Team is proud to announce the next study guide in the series is available for purchase today. The Principles of Property Management online guide includes all the favourite Passit features  for $27.99 + HST: The Exam Simulator (1 Retired OREA Exam) 500+ Multiple Choice Questions (MCQs) 300+ Rapid Recalls 200+ Terms in Lingo Looper/Crosswords We hope […]

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New Ontario Real Estate Study Guide Announcement

Property Management Study Guide to be Released Soon

For those who have been asking about the next study guide in the series—here’s a quick update. We are hard at work on the Principles of Property Management study guide. Each guide requires an extensive content development timeframe to ensure you receive a helpful, accurate and powerful study tool. The finishing touches are underway and the tentative […]

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Class Learning About Ontario Land Titles System

Land Titles and Lost Marks

Land titles now dominates land registry in Ontario, as the registry system has all but left the scene. However, it’s easy to lose exam marks on some basic questions about how properties are registered in this province. Here’s a ‘land titles’ quick test. The land titles system: uses abstract books when recording relevant property rather […]

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Studying Metes and Bounds with Laptop at Desk

Metes and Bounds

Like it or not, metes and bounds descriptions lie at the heart of Ontario legal descriptions. As a British colony, we inherited a bunch of weird terms from Jolly Olde England; e.g., fee simple, fee tail, freehold, and metes and bounds. (Fortunately, it didn’t extend to driving on the left side of the road). Technically, […]

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Young Man Studying Joint Tenancy and Land Ownership

Joint Tenancy: Think 'PITT'

Land ownership can be a challenge for students enrolled in Land, Structures and Real Estate Trading. It’s a substantial course (over 700 pages) and acronyms can help when getting ready for the exam. They are easy to remember and can help sharpen your recall abilities on that important day. Here’s an example. Joint tenancy is one […]

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Tackling Real Estate Math Questions

Math: A ‘Make or Break’ Issue for Some

Don’t get tripped up on the first course leading to RECO salesperson registration. Math is a deciding factor for some as to whether they pass or fail the Real Estate as a Professional Career (REPC) exam. Favourite testing topics include commission calculations, statistical analysis (means, medians and modes), real estate market indicators, basic math skills, metric/imperial conversions, […]

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